The FRM (Financial Risk Manager) designation is an international professional certification offered by GARP (Global Association of Risk Professionals). In order to get the FRM designation, first the candidates must pass the rigorous examination offered in two parts. The examination covers the major topics in financial risk management. Once they have cleared the examination, they need to have a relevant work experience of 2 years at the least.
As such, there are no minimum eligibility requirements to write the exam. You can write the FRM Part-1 exam even if you are in the final year of your graduation and you can take the FRM Part-2 only when you complete the FRM Part-1 exam. But once you have taken and passed the exams. You need to have work experience to get the certification.
The certification requirements ensure that the Quality of a FRM stays as the gold standard, by awarding the certification only to qualified individuals with relevant work experience.
The question then, that comes to the mind is, what does the difference mean? If you are eligible to take the exam as an undergraduate, whence did the experience come into picture?
If you have finished the FRM exams as an undergraduate, once you graduate you can use passing the exams as a strong sign of your commitment towards the field and of the extensive knowledge you have gained. Since FRM is a self study, this means a lot more in the industry.
This is why GARP gives a FRM candidate a 5 year window since passing the FRM exam to get experience verified for the designation. Once this time lapses, you will need to write the FRM Exam (both parts) again, in order to
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